Ace to Buy Chubb for $28.3B; Greenberg to Lead

Evan Greenberg extended an acquisition spree at his Ace Ltd. by agreeing to purchase Chubb Corp. for $28.3 billion in cash and stock.

Ace will own 70 percent of the company after the transaction closes, and Greenberg will lead the combined insurer, the companies said July 1 in a statement.

The purchase price is equivalent to about $124.13 per share for Chubb investors, or 30 percent higher than the June 30 close.

Rival Competition.

The deal will help Zurich-based Ace compete with rivals including American International Group Inc. and Warren Buffett’s Berkshire Hathaway Inc.

Chubb will bolster Ace’s presence in ...